Underwood Retail Warehouse Sold for $1.15 Million
A freestanding retail warehouse investment opportunity at Underwood, south of Brisbane, has been sold by Ray White Commercial Springwood for $1.15 million.
The tenanted property at 20 Kingston Road, Underwood, was sold to a local investor by Ray White Commercial Springwood Managing Director Aldo Bevacqua on a behalf of a private owner for a yield of 7.0 per cent.
Aldo Bevacqua said the tenant had just committed to a new 3 + 3 year lease and the property was returning net rental of approximately $80,000 per annum.
“This was a great investment opportunity for a 545 sqm retail/warehouse with excellent exposure to Kingston Rd,” he said.
“The warehouse is situated on an approximately 1,011 sqm block which is zoned Mixed Use.
“The property offers a very secure site with a lockable hardstand area.
“The property is conveniently located with easy access to the M1 Motorway.”